Cost of Living Comparison Between Chicago, IL and Panama City, FL Cost of Living Comparison Between Chicago, IL and Panama City, FL

Monthly Cost of Living

A single person spends $3,068 per month in Chicago, IL vs $2,748 in Panama City, FL, rent included.

A couple spends around $4,648 per month in Chicago, IL vs $3,572 in Panama City, FL, rent included.

A family of three spends $6,229 per month in Chicago, IL vs $4,396 in Panama City, FL, rent included.

Chicago, IL costs about 12% more than Panama City, FL, driven mainly by Groceries & Markets.

Both Chicago, IL and Panama City, FL sit above the global median – Chicago, IL by 130%, Panama City, FL by 106%.

Meal at Budget Restaurant

$20.17 $20.17

$19.04 $19.04

5.93%

Three-Course Dinner for Two, Mid-Range

$99.5 $99.5

$54.7 $54.7

81.73%

Fast Food Meal (McDonalds, etc)

$12.23 $12.23

$10.53 $10.53

16.14%

Cappuccino

$5.60 $5.60

$4.77 $4.77

17.40%

Coke/Pepsi/Fanta/Sprite (0.33 liter bottle)

$3.12 $3.12

$2.66 $2.66

17.29%

Water (0.33 liter bottle)

$2.43 $2.43

$2.14 $2.14

13.55%

Local Beer (0.5 liter draught)

$6.93 $6.93

$4.90 $4.90

41.43%

Imported Beer (0.33 liter bottle)

$8.20 $8.20

$6.72 $6.72

22.02%

Milk (1 liter)

$1.08 $1.08

$0.92 $0.92

17.39%

White Bread (500g)

$3.97 $3.97

$3.34 $3.34

18.86%

Rice (white) (1kg)

$5.58 $5.58

$2.60 $2.60

114.62%

Eggs

$4.47 $4.47

$3.13 $3.13

42.81%

Local Cheese (1kg)

$14.50 $14.50

$10.80 $10.80

34.26%

Chicken Fillets (1kg)

$15.08 $15.08

$11.34 $11.34

32.98%

Beef Round Steak (1kg)

$19.34 $19.34

$14.88 $14.88

29.97%

Apples (1kg)

$5.37 $5.37

$3.50 $3.50

53.43%

Banana (1kg)

$1.76 $1.76

$1.59 $1.59

10.69%

Oranges (1kg)

$4.32 $4.32

$2.89 $2.89

49.48%

Tomato (1kg)

$4.41 $4.41

$4.22 $4.22

4.50%

Potato (1kg)

$2.54 $2.54

$3.18 $3.18

-20.13%

Onion (1kg)

$2.70 $2.70

$2.81 $2.81

-3.91%

Lettuce (1 head)

$2.49 $2.49

$2.11 $2.11

18.01%

Water (1.5 liter bottle)

$2.60 $2.60

$2.04 $2.04

27.45%

Cigarettes 20 Pack (Marlboro, Camel)

$14.80 $14.80

$7.89 $7.89

87.58%

Wine (Bottle)

$15.18 $15.18

$13.63 $13.63

11.37%

Local Beer (0.5 liter bottle)

$2.47 $2.47

$1.77 $1.77

39.55%

Imported Beer (0.33 liter bottle)

$3.60 $3.60

$2.98 $2.98

20.81%

One-way Ticket (Public Transport)

$2.54 $2.54

$1.49 $1.49

70.47%

Public Transport Monthly Pass (Regular Price)

$76.3 $76.3

$133 $133

-42.61%

Taxi Start (Normal Tariff)

$3.30 $3.30

$2.56 $2.56

28.91%

Taxi (Normal Tariff) (1km)

$1.38 $1.38

$1.59 $1.59

-13.21%

Taxi 1hour Waiting (Normal Tariff)

$25.36 $25.36

$25.89 $25.89

-2.05%

Gasoline (1 liter)

$1.09 $1.09

$0.86 $0.86

26.74%

Midsize Hatchback 1.4l (Volkswagen Golf, Toyota Prius, Honda Civic, etc)

$31.6K $31.6K

$22.9K $22.9K

38.35%

Compact Sedan 1.6l (Toyota Corolla, Mazda3, Kia K4, Hyundai Elantra, etc)

$26.6K $26.6K

$24.2K $24.2K

9.64%

Utilities for 2 People in 2-bedroom Apartment (Heating, Electricity, Gas, Water, Garbage) (85m2)

$186 $186

$221 $221

-15.95%

SIM Card Monthly Plan (Calls and 10GB+ Data)

$62.9 $62.9

$43.77 $43.77

43.61%

Internet (50+ Mbps, Unlimited Data)

$66.2 $66.2

$67.9 $67.9

-2.55%

Gym Membership (Monthly)

$77.6 $77.6

$39.58 $39.58

96.11%

Tennis Court (1 Hour on Weekend)

$13.16 $13.16

Cinema Ticket

$14.74 $14.74

$13.24 $13.24

11.33%

Preschool or Kindergarten, Full Day, Private, 1 Child (Monthly)

$2,039 $2,039

$526 $526

287.78%

International Primary School, 1 Child (Yearly)

$39.9K $39.9K

$7,846 $7,846

407.91%

Jeans (Levis 501 Or Similar)

$63.9 $63.9

$39.63 $39.63

61.12%

Summer Dress (H&M, Zara, etc)

$51.2 $51.2

$43.16 $43.16

18.56%

Sport Shoes (Adidas, Nike)

$95.2 $95.2

$60.1 $60.1

58.28%

Men's Leather Business Shoes

$144 $144

$76.0 $76.0

89.39%

1-bedroom Apartment, City Center (Monthly)

$2,305 $2,305

$1,680 $1,680

37.21%

1-bedroom Apartment, Outside City Center (Monthly)

$1,575 $1,575

$1,524 $1,524

3.35%

3-bedroom Apartment, City Center (Monthly)

$4,688 $4,688

$2,314 $2,314

102.59%

3-bedroom Apartment, Outside City Center (Monthly)

$2,737 $2,737

$1,744 $1,744

56.94%

Buy Apartment in City Center (m2)

$4,063 $4,063

$3,679 $3,679

10.44%

Buy Apartment Outside City Center (m2)

$2,696 $2,696

$3,719 $3,719

-27.51%

Average Monthly Net Salary (After Tax)

$5,019 $5,019

$4,069 $4,069

23.36%

20-Year Fixed Mortgage Interest Rate (Annual %)

6.6

6.43

2.64%

CityCost data is based on AI and user input – minor inaccuracies may occur.

Last update for Chicago, IL: July 11, 2026

Last update for Panama City, FL: July 12, 2026

Cost Breakdown

A central one-bedroom costs $2,305 in Chicago, IL versus $1,680 in Panama City, FL. Rent is usually the largest line item in a monthly budget, so the gap here sets the tone for the overall comparison.

Salaries run about 23% higher in Chicago, IL, which partly offsets the higher cost of living there. Purchasing power depends on which expenses matter most to you.

A mid-range dinner for two costs $99.0 in Chicago, IL versus $55.0 in Panama City, FL. Monthly groceries follow the same trend: $448 vs $349 – making Panama City, FL the more affordable choice for daily food spending.

City Median Internet Speeds Comparison (Updated April 2026)

The chart highlights the Precision Threshold for mobile and fixed broadband internet speeds, updated quarterly.

Digital Nomad Cost of Living Index

Chicago, IL vs Panama City, FL: Cost of Living - Frequently Asked Questions

Monthly costs with rent: $3,068 in Chicago, IL, $2,748 in Panama City, FL – roughly 12% apart. Chicago, IL costs more across the board, with Groceries & Markets showing the biggest gap.

For a comfortable life, plan on about $4,602 per month in Chicago, IL and $4,122 in Panama City, FL. That covers rent, food, utilities, transport, and enough left over to feel settled – not just surviving.

Rent is clearly cheaper in Panama City, FL, especially for central apartments. Housing is actually the single biggest factor behind the overall cost gap between these two cities.

Groceries cost about 28% more in Chicago, IL, though it depends on what you buy. Local produce may be comparable; imported and premium items show the biggest price gap.

A mid-range dinner for two costs $99.0 in Chicago, IL and $55.0 in Panama City, FL. That's a good indicator of the overall restaurant and café pricing gap between the two cities.

$2,000 is a stretch for both – monthly costs hit $3,068 in Chicago, IL and $2,748 in Panama City, FL. You'll need shared housing and careful budgeting no matter which city you pick.

It depends on your priorities. Chicago, IL has an edge in some lifestyle areas, with costs from $2,748 in Panama City, FL to $3,068 in Chicago, IL. Climate, culture, job market, and personal taste all factor in.

If budget matters most, go with Panama City, FL. If higher salaries, better infrastructure, or specific career opportunities are the priority, Chicago, IL makes more sense. Both are solid long-term options with distinct trade-offs.